ArmInfo. The investors have presented a new program on modernization of "Dvin" hotel in Yerevan, Head of State Property Management Department Arman Sahakyan stated at the National Assembly today.
According to him the total cost of the program, which is currently being discussed in the government, will total $100 mln. If the program is approved construction work will resume. Arman Sahakyan stressed that the announced investments amounting to $16 mln are insufficient for the project implementation.
As ArmInfo informed earlier, construction of a new 5-star de-luxe hotel on the place of the Dvin Hotel will be finished in 2019. Arman Sahakyan, the head of the State Property Department of Armenia, said that under the investment program submitted by the Caucasian Commercial Group (CCG) the repairs of the hotel area of 55,000sq m will be completed by 2019. At present, the company has invested nearly $16 million, another $20 million will be invested within the current year, $10 million in 2017, and $40 million in 2018. Sahakyan said the big area of the Hotel complex will comprise a multi-functional residential area (Apartments Plaza) with at least 60 luxurious apartments, a helipad on the roof and other buildings. An underground parking for 330 cars and ground parking for 50 cars is planned too. The new hotel will have 184 rooms of different price categories, including 89 standard rooms, 20 premium class rooms, 51 club rooms, 10 de-luxe suites and 2 presidential suites. The complex will comprise also a SPA, a pool, a fitness center, restaurants, clubs, stores, business and conference halls. There will be an elite-class casino if the government issues a license for it, Sahakyan said. Under the investment program, 400 jobs will be created. He said the hotel will undergo re-branding and will be renamed into David Bek Hotel.
To note, according to media reports, in 2003 Dvin Hotel was sold to Caucasus Communication Group for 3 mln USD. The buyer promised to build a 5-star hotel within 5 years, but the investment was to be over 10 mln USD. Meanwhile, the modernization period has repeatedly been extended. The new agreement mentions 13.6 mln USD in investments. According to the State Registry of Legal Entities of Armenia, the Caucasus Communication Center CJSC was registered on 14 Jan 2002. Its founders are Hripsime Tovmasyan and Zurab Chigogidze.